Casino Insider

Mar 21, 2011 7:39 PM

THE INSIDER: Michael Ornest, who has been a member of the board of directors of Pinnacle Entertainment Inc. (PNK) since its founding, has announced his retirement.

American Casino & Entertainment properties LLC, operator of the Stratosphere in Las Vegas, on Monday reported fourth quarter results that were similar to those of a year ago. The quarterly loss was $17.4 million compared to last year’s $17.6 million. Revenues for the period were $79 million, about 1.9 percent less than 2009.

Michael Bonakdar has been appointed senior director standards development by the Gaming Standards Association.

Connecticut is reporting that its two tribal casinos seem to be stabilizing in their monthly revenues after having suffered declines during the recession. For the month of February, Mohegan Sun reported $58 million in slots revenue, a figure that was almost identical to the previous year. Foxwoods Resort reported $51.1 million, a figure that was less than 1 percent under last year.

Full House Resorts Inc. (FLL) has been granted a gaming license by the state of Indiana, thus permitting the company to acquire the Grand Victoria Casino & Resort in Rising Sun, Indiana.

The Nevada Senate has rejected a plan to increase the sales tax in order to develop funds to build an arena on property owned by Caesars Entertainment Corp. in Las Vegas. The move assures that the question will now go before the voters in 2012.

Steve Jacobs, who is suing Las Vegas Sands Corp. (LVS) after having been fired as head of the company’s Asian casinos, has amended his lawsuit to include CEO Sheldon Adelson. Jacobs charges Adelson with defamation.

Some Maryland legislators are supporting a move that would exempt slots operators from paying personal property taxes on the slot machines used at their facilities.

A riverboat casino in Metropolis, Illinois, that is owned by Caesars Entertainment Corp., has been closed indefinitely because of fears of flooding on the Ohio River.

Plainridge Racecourse, the only harness racetrack operating in Massachusetts, says it is reducing its pari-mutuel takeout to 15 percent on all wagers, thus providing the highest payoffs per capita in all of pari-mutuel racing.

Mississippi casinos reported winning $208 million in February. That was 5.8 percent less than the amount won in February, 2010.

A group in the State of Washington is proposing the state license electronic "scratch ticket" machines for the state’s licensed 63 card clubs. Under current law, gaming machines are only permitted in tribal casinos.